LTCUSD Medium-term Trend: Bearish
Resistance: $150, $148, $146
Support: $138, $140, $142
The LTCUSD pair reached the high of $160, however, the bulls were resisted at the price of $160 and price pulled back to the low of $140. Secondly, the pullback resulted in the breaking of the bullish trend line which brings to an end the current bullish trend. As price fell, Litecoin found a support at a low of $140.
However, price of Litecoin is now fluctuating between the support level at $140 and the resistance level at $150. If price of the asset continues with its range bound movement between these level, then a breakout will ensue. If price breaks the level at $150, traders should place long orders. On the other hand, if price breaks the level at $140, then traders should short their trades.
Meanwhile, relative strength index period 14 is level 41 which indicates that price is in the range bound zone.
LTCUSD Short-term Trend: Ranging
In the daily chart, price of Litecoin is in a range bound movement. We can adopt the range bound strategy to trade the daily chart. A perfect ranging market is where the price action is not choppy. That is the price of the asset is evenly apart between the resistance level and the support level.
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